Telecom Argentina Returns to Profit Amid Major Asset Restructuring

The company’s consolidated revenue reached P$5.07 trillion, bolstered by the inclusion of six months of TMA operations compared to only four months in the previous year. Operating margins also saw significant expansion, climbing to 35.8% as the firm leveraged increased operational efficiency and digital self-service channels to manage costs. Capital expenditures rose by 47.3% to P$946 billion, reflecting aggressive investment in 4G coverage and the expansion of 5G infrastructure, which added 375 new sites during the first half.

However, the company faces a complex regulatory landscape following a June 2026 ruling by the Argentine Antitrust Tribunal. The regulator has conditioned the acquisition of TMA on significant divestments, requiring Telecom to transfer six million mobile customers and specific residential internet assets to a third party. While these structural changes loom, the company continues to focus on its core growth, recently appointing Manuel Garcia Diez as its new Chief Financial Officer to oversee its ongoing financial consolidation and debt management strategies.